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One of the world’s largest offshore wind technology factories will become even bigger after new government support for a South Korean investor.
Supported by backing from UK Export Finance (UKEF), SeAH Wind UK has now made an additional £225M investment into wind technology manufacturing in Teesside. This brings their total investment into the site at Teesworks Freeport up to £900M.
This was made possible after SeAH Steel Holding received financial guarantees from UKEF and Korea Trade Insurance Corporation (K-Sure) – the UK and South Korean export credit agencies – meaning that it could access £225M in new financing for its ongoing factory build.
UKEF and K-Sure first supported the project in 2023. New support brings their joint backing for this project up to £590M, with Standard Chartered Bank and HSBC
link source - Construction Media